As an alternative, I'm a fan of drawing a square and then deleting one of its points. (In FW, this would mean drawing a rectangle while holding the Shift key, then selecting a point with the Subselect tool, opting to ungroup the rectangle, and deleting the point.)

It's odd that there'd be no sides in the Properties inspector when working with the standard Polygon shape.

Thanks for your answers. Great idea about the rectangle but I would like to see the polycon approach working. Below i have taken a screenshot of mmy property window and I dont see any side on polygon or smart polygon?

Its the first day I use FW so I could have done somthing wrong I am not sure if I have ungrouped anything. I just draw a smart polygon from the toolbox without any further editing. If you ungroup anything will it then take effect on shapes I draw in the future? I dont see the tooltip either like you do.

One more tip: When using the standard Polygon tool, you'll need to set the number of sides before drawing the shape. That's when those options appear in the Properties inspector. After the shape is drawn, you'll see a different set of options, as in your first screenshot.